Rita Gunther McGrath

Industry is a very traditional concept in corporate strategy. Industrial organization economics says that the structure of the industry determines the profitability of the firms within it, and those firms with favorable positions within an industry will outperform those with less favorable positions. I would argue that is a dangerous idea because in many sectors, the most significant competition you’re going to face will come from other industries, not your own. […] It’s still important to look at your industry, but you also should be thinking about what I call arenas—pots of resources that are going to be contested by various players that want a piece of them.

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